The PPP limits compensation to an annualized salary of $100,000. For sole proprietors or independent contractors with no employees, the maximum possible PPP loan is therefore $20,833, and the entire amount is automatically eligible for forgiveness as owner compensation ;· We created a comprehensive, comprehensible guide all about PPP loan forgiveness for the self-employed, sole proprietors, and independent contractors. This is everything we know based on information directly from the SBA and the 19th Interim Final Rule (IFR) filed on June 19th, Self-Employed Loan Forgiveness As of 6/10/2020 • Utilities Includes payment for electricity, gas, water, transportation, telephone, or internet access. Service must have been established prior to 2/15/2020 Limited to the extent it was claimed or entitled to be claimed on 2019 Schedule C12/11/2020 · Expenses that qualify for loan forgiveness include eligible payroll costs—which, for self-employed individuals, would just be salary and/or hourly wages, unless their business employs other workers (unlike other small businesses, which can use PPP loan proceeds to cover employee benefits like retirement benefits, sick leave, employer contributions to employee retirement plans, or employee health insurance, currently, self-employed …Since then, changes have been made to make PPP loan forgiveness for the self-employed easier to obtain. Forms 3508S and 3508EZ are simplified versions of form 3508 The self-employed can use either simplified version to make applying for PPP loan forgiveness a and considering a PPP loan? There’s good PPP Self-Employed Loan Forgiveness - AICPAPPP Forgiveness For Self Employed Workers - Biz2CreditHow PPP Loan Forgiveness Works for the Self-Employed 5/18/2020 · PPP Loan Forgiveness Application Guidance For The Self-Employed, Freelancers And Contractors Brian Thompson Senior Contributor Opinions expressed by Forbes …7/13/2020 · After much confusion, it’s now clear that self-employed individuals who have no employees, and therefore no actual payroll expenses, can qualify for PPP loan forgiveness by simply paying 2/7/2021 · Starting January 11, 2021, PPP – Paycheck Protection Program – loans were once again open. While you can begin your application online, learning more about a PPP loan for self-employed workers is also The PPP makes it possible for lenders to provide low-interest loans that are 100% forgiven in some PPP loan forgiveness help? I've read through the terms and a million posts here but I just want to ask in case, as I want to guarantee that I get the full amount forgiveable through the PPP loan. My situation: Self-employed sole prop, it's just my wife and I in the business (photography) and this is what we do full-time.

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